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GulfNav is also in negotiations with remaining counter-parties.

Gulf Navigation settles 2014 case with DVB Bank, BNP Paribas, and DNB Bank

Gulf Navigation has ended its dispute and settled with DVB Bank SE, BNP Paribas, and DNB Bank relating to a case in 2014 when two VLCCs financed by the lenders were sold. 

In a statement, GulfNav said the settlement is part of a continuing process undertaken by the new management of the company to clear all historical liabilities to allow it to refocus its energy into exploring new horizons for growth in the maritime and shipping business. 

It also said that it hoped the ending of the dispute with the lenders will marks another milestone in restoring the company’s reputation as a credible, reliable and responsible player in the shipping industry. 

GulfNav is also in negotiations with remaining counter-parties and hopeful of reaching fair settlements soon. 

Khamis Juma Buamim, board member, managing director and ceo said: “We are happy to have reached this important settlement with DVB Bank SE, BNP Paribas, and DNB Bank ASA.  I thank our strategic shareholders and the banks representatives for their positive commitment during the negotiations. 

“Our primary objective to seek fair and amicable settlements in respect of legacy disputes shall continue until all issues are fully resolved. With this settlement, the transformation of the company is taken a new turn. 

“The company is now starting a new chapter which will showcase a stronger and more competitive Marine and shipping company with full commitment to its shareholders, the market and the industry at large.”

GulFNav owned two VLCCs the Gulf Eyadah and the Gulf Sheba which were arrested by its banks in 2013.

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